Budget: Linking Paypal to deposit money — Never give your password

Budget: Linking Paypal to deposit money — Never give your password

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Ok onto Paypal linking

After I transferred the $28.50 from Ibotta to Paypal, I had a choice: either leave it in Paypal to use for web purchases or transfer the money in Paypal into my bank account.

(Note: I am beginning to use the web to save or make money.  So this is the third part of my learning to save money using Ibotta to access manufacuter’s rebates.  Here are the first two posts:

Paypal debit card: if you have a Paypal business account, or if your personal account has received at least $500 in the last 12 months, you can get a Paypal Debit card. You can use the debit card up to the amount you have in the Paypal account, the same as you would any other debit card.

I don’t have a Paypal business account. I used to when I did Ebay a lot because it allowed me to accept credit card payments on Ebay. My Paypal account also does not have $500 go through it in the last 12 months, so I don’t qualify on both counts for the debit card.

I decide to link my bank account to transfer the money.  I can always unlink the bank afterwards if I change my mind.

I click on Link to Bank.

Next screen shows some banks.  Click on your bank.  If your bank is not showing, click on “I have a different bank”

The next screen asks you to input your routing number.

Then your checking or savings account number.

Then it says Paypal will make two  $1 deposits or less to your account and then withdraw both deposits at one time to verify your account.  Click “Agree and Link”.

It states Paypal will take a day or two to do this. There is a link “Confirm instantly instead” if you want to do it now.  That link didn’t work for me so I don’t know what happens to “confirm instantly.” This is actually fairly quick.  The deposits appeared in my bank account within a day of my doing this.

Okay — two days later.  I couldn’t take screenshots for the next bit because it shows my bank name and other sensitive info I inputted. So no pics.

So on 8/3/17, I received two direct deposits for less than 15 cents. I am doing the next bit by memory since I forgot to take pics.  I did it yesterday so should be fairly close.

  • I opened up Paypal
  • On the right hand menu, under “Banks and Cards”, my bank is listed with a link “confirm”. I click “confirm”.   (oh, that’s why I didn’t take pics, didn’t want to show the name of my bank)
  • On the next screen are two fields to input the small amounts that Paypal deposited into your bank account. Input those amounts

Also on the this screen, under the two fields, there is a link saying something like you can give Paypal the password to your bank instead to confirm your bank. It is is supposed to be quicker  Do not click the link.  

Never, never give your bank password to anyone, business or whatever. Paypal doesn’t need your password to verify your account. No one needs your password to verify your account. Period. I know I said it before but I’ll say it again. I don’t care how secure a site is — someone will hack it someday. And if you give them your password, they get that when they hack it.

Click “confirm”  (I think that’s what I remember the button saying, might say submit but don’t think so — anyways the button under the two fields — and not the link to giving them your bank password – – I know, I know, I’m such a nag.  Still doesn’t hurt to say it again)

If I remember from yesterday, that takes you back to your main Paypal screen.  Now on the right menu, under “Banks and Cards”, you should see your bank name without the little word “confirm” underneath it.  If it’s just the name, you can now make deposits from Paypal to your bank.  If it still says confirm, give it a day.  It should clear off.

Paypal will reverse the two small amounts and it will go back to Paypal.  My two amounts totaled less than 25 cents.  The day after I inputted the two amounts on Paypal to confirm my account, the total amount was taken out of my account.

Now I am good to go.  I am transferring the $28.50 that is in Paypal into my bank account.  It should arrive in a day or two.

I’m beginning to think all this would have been simpler if I had just gotten a $20 Walmart giftcard instead from Ibotta.  Still I have plans to do other things on the web to earn money so I may need Paypal linked for that.

Note:  the $28.50 did arrive in my account safely.  And I did not have to give any passwords to get it.  Never ever give your password.  Paypal verified my account easily without it.  Just took a few days for the whole process.  Seems like a lot of work but I am hoping to sign up for other ways to increase my income as well.  Plus now that it’s done, I don’t have to do it again.

 

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